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EU Carbon Declines as U.K. Sells Phase 3 Allowances in Auction

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Nov. 21 (Bloomberg) -- European Union carbon fell for the sixth time in seven days as the U.K. sold allowances for the next phase of the bloc’s carbon market.

Permits for December declined 2 percent to 6.61 euros ($8.44) a metric ton at 8:54 a.m. on London’s ICE Futures Europe exchange. The U.K. is selling 6.5 million permits for 2013 in an auction from 8 a.m. to 10 a.m. Greece will sell 500,000 permits for spot delivery later today.

Permit prices plunged as much as 29 percent from Nov. 12 through yesterday after the EU proposed to delay the sale of 900 million permits from 2013 through 2015 until 2019 and 2020.

United Nations carbon offsets for December dropped 2.6 percent to 76 euro cents a ton as supply of the offsets is scheduled to grow by 60 million tons in the next four weeks, according to UN data compiled by Bloomberg.

To contact the reporter on this story: Alessandro Vitelli in London at avitelli1@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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